Portfolio managers are pouring into Chicago in an annual summer pilgrimage to the Morningstar Investment Conference, where those on a quest for alpha can slake their thirst in hearing the views of the mighty and the yet undiscovered.

PIMCO’s Bill Gross, Zero Hedge and others weigh in on Fed Chairman Ben Bernanke’s congressional testimony; Ron Rhoades tells us what he really thinks about FINRA; and more in your May dispatch from the Twittersphere.

Focus Financial Partners announced Tuesday that four of its partner firms have completed strategic transactions in the last 60 days, either closing on important sub-acquisitions or recruiting well-respected new professionals to their firms.

An all-star panel of industry personalities gathered at the FPA annual conference on Sunday for a frank discussion of how new fiduciary standards might impact the advisor industry and day-to-day business.